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Portland Real Estate Update By Rob Levy

Portland Real Estate Update January 2015

November Residential Highlights
The Portland metro area saw
cooler real estate activity this
November, but numbers are still
higher compared to last November.
Closed sales (1,937) fared 6.4%
better than last November’s closings 
(1,821), despite a 22.1% decrease 
from October’s 2,487 closings.
Pending sales, at 2,091, were 14.4%
higher than last November (1,827)
but 15.7% lower than October (2,480).
New listings (1,922) decreased 2.7%
from last November (1,976) and
33.3% from last month (2,881).
There are currently 6,131 active
residential listings in the Portland
metro area. Total market time rose
in November to 69 days. Inventory
slightly rose to 3.2 months.
Year to Date Summary
Activity in the Portland metro
area is ahead of last year. New
listings (36,040) are up 4.5%,
pending sales (26,654) are up 3.8%,
and closed sales (25,392) are up 2.1%
compared to the first eleven months 
of 2013. 
Average and Median Sale Prices
The average price the first eleven
months of the year was $333,200,
up 7.2% from the same time frame
in 2013 when the average was
$310,800. In the same comparison,
the median also rose 7.5% from
$265,000 in the first eleven months
of 2013 to $285,000 in the same
period of 2014.

Portland metro activity ended 2014 higher than 2013 numbers in all measures. New listings (37,654) were up 5.0%, pending sales (28,220) were up 4.3%, and closed sales (27,752) were up 3.6% during the entirety of 2014 compared to the same time period in 2013. 

Prices were higher in 2014 than in 2013. The average price in 2014 was $333,000, up 7.2% from 2013 when the average was $310,600. In the same comparison, the median also rose 7.7% from $265,000 in 2013 to $285,500 during 2014.

The "experts" all predict 2015 will be a little slower, with price increases around 5%.  But the biggest problem we have right now is a lack of inventory.  You can see on the attached chart we dont have any homes to sell. So if you have been thinking of selling your home, or know anyone who is, please contact me today at (503) 906-1444 or reply to this email.  

Our home of the month is a great mid-century modern home in coveted Hayhurst area of SW Portland. Its a nearly 3,000SF day-ranch on a big 1/3 acre corner lot.  There is a big master suite on the lower level, formal living and dining on the main, a big deck, office, two car garage and more.  You can view this home HERE.  

CNN says everybody is moving to Oregon!

This article in CNN Money talks about our big green forests, our bike and our beer!.  Bottom line is for the second year in a row Oregon tops the list of move-to states by United van lines.  The article goes on to talk about Portland being one of the most innovative cities in the US, and our temperate climate.  You can view the whole article HERE.

Every Realtor Should Move Now and Then

Many of you as past clients know I grew up in Europe, Canada and the US.  As a kid I went to 24 schools in four countries, and before my wife and I moved to the house we just moved out of it was my 43rd home in 36 years!  

My wife Beverly, our three boys and I were in our last house for 19.5 years, it was a big one with 7 beds, 4 baths so now that the boys are out of college, my wife and I decided to downsize to a mostly one level, master on the main.  I cant believe how much stuff one accumulates over the years!!   We are delighted with our new home which we did a 4 month remodel on before we moved in, and we will be selling the old one soon.  

I now can really empathise with all the things I ask my clients to do on a daily basis!